1st Quarter Results - Consolidated Statements

Consolidated Income Statement for the year Ended March 31, 2024

Notes

Mar. 31, 2024

Mar. 31, 2023

EGP Thousands

EGP Thousands

Interest and similar income

36,652,802

19,823,554

Interest and similar expense

(17,852,691)

(8,939,377)

Net interest income

18,800,111

10,884,177

Fee and commission income

2,685,963

2,005,304

Fee and commission expense

(1,118,912)

(792,175)

Net fee and commission income

1,567,051

1,213,129

Dividend income

610

32,362

Net trading income

6

16,202,148

1,851,908

Profits (Losses) on financial investments 

14.1

224,271

70,920

Administrative expenses

(2,928,640)

(2,063,690)

Other operating income (expenses)

7

(14,975,056)

(2,040,922)

Goodwill amortization

-

(10,314)

Intangible assets amortization

-

(2,591)

Impairment release (charges) for credit losses

(1,421,114)

(944,829)

Bank's share in the profits / losses of associates

4,931

(14,871)

Profit before income tax

17,474,312

8,975,279

Income tax expense

29

(5,926,187)

(2,262,132)

Deferred tax assets (Liabilities)

29

376,765

(645,223)

Net profit from continued operations

11,924,890

6,067,924

Discontinued Operations

Net profit (loss) from discontinued operations

30.3

-

870

Net profit for the period

11,924,890

6,068,794

Non Controlling Interest

456

3,847

Bank's shareholders

11,924,434

6,064,947

Earnings per share

8

Basic

3.50

1.78

Diluted

3.46

1.76

Hussein Abaza

Hisham Ezz Al-Arab

CEO & Managing Director

Chairman

Condensed Consolidated Interim statement of Comprehensive Income for the period ended March 31, 2024

Condensed Consolidated Interim Cash flows for the period ended March 31, 2024

Notes

Mar. 31, 2024

Mar. 31, 2023

EGP Thousands

EGP Thousands

Cash flow from operating activities

Profit before income tax from continued operations

17,474,312

8,975,279

Profit (loss) from discontinued operations

-

870

Adjustments to reconcile profits to net cash provided by operating activities

Fixed assets depreciation

17

261,427

228,065

Impairment Release/charge for credit losses (Loans and advances to customers and banks)

1,712,500

707,740

Other provisions Release/charge

22

41,587

464,311

Impairment Release/charge for credit losses (due from banks)

(646)

2,096

Impairment Release/charge for credit losses (financial investments)

(290,740)

234,993

Impairment Release/charge for other assets

(4,782)

-

Exchange revaluation differences for financial assets at fair value through OCI and AC

(17,328,576)

(6,033,831)

Goodwill amortization

-

10,314

Intangible assets amortization

-

2,591

Revaluation differences Impairment charge for Financial Assets at Fair value through OCI

1,130,412

-

Revaluation differences Impairment charge for Financial Assets at Amortized cost

95,225

-

Revaluation differences Impairment charge for due from banks

1,393

-

Utilization of other provisions

22

(297)

(345)

Other provisions no longer used

22

(4,220)

-

Exchange Revaluation differences of other provisions

22

3,574,589

1,169,894

Profits/losses from selling property and equipment

7

-

(118)

Profits/losses from selling financial investments at fair value through OCI

14.1

(224,271)

(70,920)

Share based payments

300,000

190,974

Bank's share in the profits / losses of associates

(4,931)

14,871

Operating profits before changes in operating assets and liabilities

6,732,982

5,896,784

Net decrease / increase in assets and liabilities

Due from banks

41,887,372

12,110,117

Financial assets at fair value through P&L

(974,297)

-

Derivative financial instruments

157,890

(359,998)

Loans and advances to banks and customers

12 - 13

(37,541,091)

(17,792,410)

Other assets

(5,893,831)

(96,139)

Non current assets held for sale

(244)

(220,335)

Due to banks

18

(6,928,939)

4,790,187

Due to customers

19

118,843,058

45,212,196

Current income tax obligations paid

(480,418)

(270,197)

Non current liabilities held for sale

1,297

890

Other liabilities

1,820,664

(354,332)

Net cash generated from (used in) operating activities

117,624,443

48,916,763

Cash flow from investing activities

Proceeds from sale of investments in associates

4,782

-

Payment for purchases of property, equipment and branches construction

(437,370)

(457,850)

Proceeds from selling property and equipment

-

118

Proceeds from redemption of financial assets at amortized cost

285,507

196,783

Payment for purchases of financial assets at amortized cost

(53,615,996)

(8,533,818)

Payment for purchases of financial assets at fair value through OCI

(26,592,698)

(32,339,905)

Proceeds from selling financial assets at fair value through OCI

26,222,450

46,767,421

Payment for investment in subsidiaries

-

(1,008,761)

Net cash generated from (used in) investing activities

(54,133,325)

4,623,988

Condensed Consolidated Interim Cash flows for the period ended March 31, 2024 (Cont.)

Mar. 31, 2024

Mar. 31, 2023

EGP Thousands

EGP Thousands

Cash flow from financing activities

Other loans

6,700,881

1,607,404

Dividends paid

(5,078,792)

(1,988,585)

Issued debt instruments

1,626,167

612,624

Capital increase

-

165,429

Net cash generated from (used in) financing activities

3,248,256

396,872

Net (decrease) increase in cash and cash equivalent during the period

66,739,374

53,937,623

Beginning balance of cash and cash equivalent

234,317,913

92,969,526

Cash and cash equivalent at the end of the period

301,057,287

146,907,149

:Cash and cash equivalent comprise

Cash and balances at the central bank

36,731,091

52,462,528

Due from banks

292,723,938

170,733,811

Treasury bills and other governmental notes

119,754,167

68,681,151

Obligatory reserve balance with CBE

(19,531,282)

(46,005,523)

Due from banks with maturity more than three months

(8,740,302)

(29,664,721)

Treasury bills and other governmental notes with maturity more than three months

(119,880,325)

(69,300,097)

Total cash and cash equivalent

301,057,287

146,907,149

Condensed Consolidated Interim statement of changes in shareholders' equity

Mar. 31, 2023

Issued and paid up capital

Legal reserve

General reserve

General risk reserve

Reserve for transactions under common control

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Non Controlling Interest

Total

Beginning balance

29,825,134

3,963,946

27,096,858

1,550,906

8,183

18,947

(13,188,818)

11,981

16,393,841

1,895,435

181,324

67,757,737

580,431

68,338,168

Capital increase

165,429

-

-

-

-

-

-

-

-

-

-

165,429

-

165,429

Reserve for transactions under common control

-

-

-

-

(679,155)

-

-

-

-

-

-

(679,155)

-

(679,155)

Transferred to reserves

-

806,408

11,998,639

-

-

2,208

-

-

(12,388,223)

(419,032)

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(3,738,888)

-

-

(3,738,888)

(23,982)

(3,762,870)

Net profit for the period

-

-

-

-

-

-

-

-

6,064,947

-

-

6,064,947

3,847

6,068,794

Change in non controlling interest from acquisition of subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

(536,867)

(536,867)

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

(1,895)

-

1,895

-

-

-

-

-

Net unrealized gain/(loss) on financial assets at fair value through OCI after tax

-

-

-

-

-

-

(8,522,293)

-

-

-

-

(8,522,293)

-

(8,522,293)

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

3,249

(3,249)

-

-

-

-

-

Effect of ECL in fair value of debt instruments measured at fair value through OCI

-

-

-

-

-

-

208,752

-

-

-

-

208,752

-

208,752

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

190,974

-

190,974

-

190,974

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

100,603

100,603

99,192

199,795

Balance at 31 March 2023

29,990,563

4,770,354

39,095,497

1,550,906

(670,972)

21,155

(21,504,254)

15,230

6,330,323

1,667,377

281,927

61,548,106

122,621

61,670,727

Mar. 31, 2024

Issued and paid up capital

Legal reserve

General reserve

General risk reserve

Reserve for transactions under common control

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Non Controlling Interest

Total

Beginning balance

30,195,010

4,770,354

39,840,707

1,550,906

(670,972)

21,155

(16,868,691)

15,230

29,993,331

1,486,010

148,353

90,481,393

160,073

90,641,466

Capital increase

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transferred to reserves

-

1,438,320

21,958,960

-

-

1,663

-

-

(23,398,943)

-

-

-

-

-

Dividends paid

-

-

-

-

-

-

-

-

(5,366,429)

-

-

(5,366,429)

-

(5,366,429)

Net profit for the period

-

-

-

-

-

-

-

-

11,924,434

-

-

11,924,434

456

11,924,890

Transferred to RE from financial assets at fair value through OCI

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in non controlling interest from acquisition of subsidiaries

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Transferred from RE to banking risk reserve

-

-

-

-

-

-

-

19,024

(19,024)

-

-

-

-

-

Net unrealised gain/(loss) on financial assets at fair value through OCI after tax

-

-

-

-

-

-

1,915,786

-

-

-

-

1,915,786

-

1,915,786

Transferred (from) to banking risk reserve

-

-

-

-

-

-

-

2,694

(2,694)

-

-

-

-

-

Effect of ECL in fair value of debt instruments measured at fair value through OCI

-

-

-

-

-

-

744,813

-

-

-

-

744,813

-

744,813

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

-

300,000

-

300,000

-

300,000

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

-

831,452

831,452

(321)

831,131

 Ending balance

30,195,010

6,208,674

61,799,667

1,550,906

(670,972)

22,818

(14,208,092)

36,948

13,130,675

1,786,010

979,805

100,831,449

160,208

100,991,657